As Demand Rises Downtown, 2 Rector Gets New Tenants

 NEW YORK CITY-As interest in the Lower Manhattan market continues to grow, owner/manager Stellar Management has executed a 25,462-square-foot lease at 2 Rector Street with non-profit organization Ithaka–and is currently in the process of negotiating over 30,000 square feet of new leases to be announced shortly, GlobeSt.com has learned.

Details about the new deals cannot be disclosed due to ongoing negotiations, says Adam Roman, COO of Stellar Management, but tells GlobeSt.com he is noticing “demand for Downtown in general” over the last two months. “Obviously with rents increasing in Midtown, Downtown has seen an increase in rents, but there is still a difference,” he says. With only 85,000 square feet left inside the 26-story, 430,000-square-foot ‘U-shaped’ building, asking rents for pre-built space at 2 Rector start at $37 per square foot, and Roman expects them to continue to rise. “It’s still a good value.”